Board Structure and Firm Performance: Evidence from Colombia

This paper studies the board structure and firm performance across 77 equity issuer corporations in Colombia for the 1998-2004 period. The sample is formed by 47 holding firms belonging to the top-two largest local conglomerates in the country, and 30 independent firms that were included as a contro...

Full description

Autores:
Fortich, Roberto
Gutiérrez Ramírez, Luis Hernando
Pombo Vejarano, Carlos
Tipo de recurso:
Work document
Fecha de publicación:
2008
Institución:
Universidad de los Andes
Repositorio:
Séneca: repositorio Uniandes
Idioma:
spa
OAI Identifier:
oai:repositorio.uniandes.edu.co:1992/46379
Acceso en línea:
http://hdl.handle.net/1992/46379
Palabra clave:
Board independence
Corporate governance
Firm value
Colombian corporations
Gobierno corporativo - Colombia
Directores de compañías - Colombia
Corporaciones - Colombia
Administración
Rights
openAccess
License
http://creativecommons.org/licenses/by-nc-nd/4.0/
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oai_identifier_str oai:repositorio.uniandes.edu.co:1992/46379
network_acronym_str UNIANDES2
network_name_str Séneca: repositorio Uniandes
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dc.title.none.fl_str_mv Board Structure and Firm Performance: Evidence from Colombia
dc.title.alternative.none.fl_str_mv Estructura de juntas directivas y desempeño corporativo: evidencia de Colombia
title Board Structure and Firm Performance: Evidence from Colombia
spellingShingle Board Structure and Firm Performance: Evidence from Colombia
Board independence
Corporate governance
Firm value
Colombian corporations
Gobierno corporativo - Colombia
Directores de compañías - Colombia
Corporaciones - Colombia
Administración
title_short Board Structure and Firm Performance: Evidence from Colombia
title_full Board Structure and Firm Performance: Evidence from Colombia
title_fullStr Board Structure and Firm Performance: Evidence from Colombia
title_full_unstemmed Board Structure and Firm Performance: Evidence from Colombia
title_sort Board Structure and Firm Performance: Evidence from Colombia
dc.creator.fl_str_mv Fortich, Roberto
Gutiérrez Ramírez, Luis Hernando
Pombo Vejarano, Carlos
dc.contributor.author.none.fl_str_mv Fortich, Roberto
Gutiérrez Ramírez, Luis Hernando
Pombo Vejarano, Carlos
dc.subject.keyword.none.fl_str_mv Board independence
Corporate governance
Firm value
Colombian corporations
topic Board independence
Corporate governance
Firm value
Colombian corporations
Gobierno corporativo - Colombia
Directores de compañías - Colombia
Corporaciones - Colombia
Administración
dc.subject.armarc.none.fl_str_mv Gobierno corporativo - Colombia
Directores de compañías - Colombia
Corporaciones - Colombia
dc.subject.themes.none.fl_str_mv Administración
description This paper studies the board structure and firm performance across 77 equity issuer corporations in Colombia for the 1998-2004 period. The sample is formed by 47 holding firms belonging to the top-two largest local conglomerates in the country, and 30 independent firms that were included as a control group. The paper presents for first time measures of board governance proxies such as independence, rotation, and members interlocking for this emerging market. Measurement results show that board independence is lower that international standards. Nonetheless, for the control group the mean is similar to levels reported for the US and India cases. Regarding interlocks of members, the study finds that on average in 1/4 of the sample, boards have at least one member that is a CEO of another firm, and more important is the fact that 1/5 of the firms there were reciprocal CEO's interlocking. Econometric results show that board independence has a positive effect on firms' valuation meanwhile higher board turnover rates have a negative effect on a firm's performance.
publishDate 2008
dc.date.issued.none.fl_str_mv 2008
dc.date.accessioned.none.fl_str_mv 2020-09-21T15:19:00Z
dc.date.available.none.fl_str_mv 2020-09-21T15:19:00Z
dc.type.spa.fl_str_mv Documento de trabajo
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dc.identifier.instname.spa.fl_str_mv instname:Universidad de los Andes
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url http://hdl.handle.net/1992/46379
dc.language.iso.es_CO.fl_str_mv spa
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dc.relation.ispartofseries.none.fl_str_mv Galeras de Administración, No. 19
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dc.format.extent.none.fl_str_mv 38 páginas
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dc.publisher.none.fl_str_mv Universidad de los Andes
dc.publisher.faculty.none.fl_str_mv Facultad de Administración
publisher.none.fl_str_mv Universidad de los Andes
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spelling Al consultar y hacer uso de este recurso, está aceptando las condiciones de uso establecidas por los autores.http://creativecommons.org/licenses/by-nc-nd/4.0/info:eu-repo/semantics/openAccesshttp://purl.org/coar/access_right/c_abf2Fortich, Roberto55fea097-f348-4491-94f0-3378bda0041a600Gutiérrez Ramírez, Luis Hernando0582fb5e-ad8a-4f62-acc0-2b2e18abe657600Pombo Vejarano, Carlos98856002020-09-21T15:19:00Z2020-09-21T15:19:00Z20081900-1606http://hdl.handle.net/1992/46379instname:Universidad de los Andesreponame:Repositorio Institucional Sénecarepourl:https://repositorio.uniandes.edu.co/This paper studies the board structure and firm performance across 77 equity issuer corporations in Colombia for the 1998-2004 period. The sample is formed by 47 holding firms belonging to the top-two largest local conglomerates in the country, and 30 independent firms that were included as a control group. The paper presents for first time measures of board governance proxies such as independence, rotation, and members interlocking for this emerging market. Measurement results show that board independence is lower that international standards. Nonetheless, for the control group the mean is similar to levels reported for the US and India cases. Regarding interlocks of members, the study finds that on average in 1/4 of the sample, boards have at least one member that is a CEO of another firm, and more important is the fact that 1/5 of the firms there were reciprocal CEO's interlocking. Econometric results show that board independence has a positive effect on firms' valuation meanwhile higher board turnover rates have a negative effect on a firm's performance.Este artículo estudia la estructura de las juntas directivas y el desempeño de las firmas con base a una muestra de 77 grandes corporaciones del sector real en Colombia para los años de 1998 a 2004. La muestra está conformada por 47 firmas afiliadas a los dos principales conglomerados domésticos y 30 firmas independientes que fueron incluidas como grupo de control. Esta investigación presenta por primera vez para Colombia mediciones de gobernabilidad en juntas como son las variables de independencia, rotación, y miembros con múltiples asientos (interlockings). Los resultados muestran que la independencia es menor a los estándares internacionales. Sin embargo, para el grupo de control la media es similar a los niveles reportados para los Estados Unidos y la India. En relación con los múltiples asientos de miembros, este estudio encuentra que en promedio en 1/4 de la muestra, las juntas tienen al menos un miembro que es presidente de otra firma, y más importante es el hecho que 1/5 de las firmas hubo relaciones recíprocas de los presidentes como miembros de los directorios. Los resultados econométricos muestran que juntas más independientes tienen un efecto positivo sobre la valoración empresarial y altas tasas de rotación tienen un efecto negativo sobre el desempeño de las firmas.Introduction. Theoretical Framework. Data and methodology. Results. Conclusions. References. Appendix.38 páginasapplication/pdfspaUniversidad de los AndesFacultad de AdministraciónGaleras de Administración, No. 19instname:Universidad de los Andesreponame:Repositorio Institucional SénecaBoard Structure and Firm Performance: Evidence from ColombiaEstructura de juntas directivas y desempeño corporativo: evidencia de ColombiaDocumento de trabajoinfo:eu-repo/semantics/workingPaperhttp://purl.org/coar/resource_type/c_8042http://purl.org/coar/version/c_970fb48d4fbd8a85Texthttps://purl.org/redcol/resource_type/WPBoard independenceCorporate governanceFirm valueColombian corporationsGobierno corporativo - ColombiaDirectores de compañías - ColombiaCorporaciones - ColombiaAdministraciónFacultad de AdministraciónPublicationTHUMBNAILGaleras-de-administración-19.pdf.jpgGaleras-de-administración-19.pdf.jpgIM Thumbnailimage/jpeg18632https://repositorio.uniandes.edu.co/bitstreams/2773414a-67ef-4f2c-b35c-9bb5d3ce2b13/download2e0cecebcaf6a9811bce342e5b2ec772MD55TEXTGaleras-de-administración-19.pdf.txtGaleras-de-administración-19.pdf.txtExtracted texttext/plain80742https://repositorio.uniandes.edu.co/bitstreams/28b2cc44-0c86-4c2e-ba4a-7df5c7783feb/download8b39402257c693a57de88f75aad35794MD54ORIGINALGaleras-de-administración-19.pdfGaleras-de-administración-19.pdfapplication/pdf6123270https://repositorio.uniandes.edu.co/bitstreams/470d124e-2f90-4093-b6cf-aa6356d87212/download3f11e10621add1f4046795cf86883336MD511992/46379oai:repositorio.uniandes.edu.co:1992/463792023-10-10 17:19:23.136http://creativecommons.org/licenses/by-nc-nd/4.0/open.accesshttps://repositorio.uniandes.edu.coRepositorio institucional Sénecaadminrepositorio@uniandes.edu.co